Investing.com – The pound trimmed gains against the U.S. dollar on Wednesday, after government data showed that U.S. retail sales rose modestly in March, as rising gasoline prices compensated for a steep decline in automobile sales.
GBP/USD retreated from an intra-day high of 1.6284 to hit 1.6259 during U.S. morning trade, up 0.03% on the day.
Cable was likely to find support at 1.6226, Tuesday’s low and a one-week low and resistance at 1.6425, Monday’s high and a 15-month high.
The Commerce Department said retail sales rose for the ninth consecutive month in March, rising 0.4% to a seasonally adjusted USD396.3 billion, slightly less than the 0.5% gain analysts expected.
February’s sales growth was revised up to 1.1%, up from 1.0% the report said.
Core retail sales, which excluded a 1.7% decrease in motor vehicles sales, rose 0.8% to USD 319.9 billion, largely in line with the 0.7% growth that economists had expected.
Sales at gasoline stations were up 2.6% as pump prices increased. Excluding gasoline, retail sales rose just 0.1% in March after a 0.9% rise the prior month.
Meanwhile, the pound was unchanged against the euro, with EUR/GBP dipping 0.01% to hit 0.8902.
Also Wednesday, official data showed that the jobless rate in the U.K. fell unexpectedly last month, but the number of people claiming unemployment benefits rose unexpectedly.
GBP/USD retreated from an intra-day high of 1.6284 to hit 1.6259 during U.S. morning trade, up 0.03% on the day.
Cable was likely to find support at 1.6226, Tuesday’s low and a one-week low and resistance at 1.6425, Monday’s high and a 15-month high.
The Commerce Department said retail sales rose for the ninth consecutive month in March, rising 0.4% to a seasonally adjusted USD396.3 billion, slightly less than the 0.5% gain analysts expected.
February’s sales growth was revised up to 1.1%, up from 1.0% the report said.
Core retail sales, which excluded a 1.7% decrease in motor vehicles sales, rose 0.8% to USD 319.9 billion, largely in line with the 0.7% growth that economists had expected.
Sales at gasoline stations were up 2.6% as pump prices increased. Excluding gasoline, retail sales rose just 0.1% in March after a 0.9% rise the prior month.
Meanwhile, the pound was unchanged against the euro, with EUR/GBP dipping 0.01% to hit 0.8902.
Also Wednesday, official data showed that the jobless rate in the U.K. fell unexpectedly last month, but the number of people claiming unemployment benefits rose unexpectedly.